Bank Artos Indonesia became the first company to list on the Indonesia Stock Exchange (IDX) in 2016. The Bandung-based private lender was warmly welcomed by investors. During its trading debut on Tuesday (12/01) the company's shares rose 31.1 percent. Through the initial public offering (IPO) Bank Artos Indonesia raised IDR 31.8 billion (approx. USD $2.3 million) by offering 241.3 million new shares, or 20 percent of the company's enlarged capital at IDR 132 per share.

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Bank Jago, previously known as Bank Artos Indonesia, was never really a well-known bank in Indonesia. However, quite suddenly, Bank Jago not only became a big item in Indonesian media but even the subject of 'gossip' in the local stock market when it was acquired by Jerry Ng (via PT Metamorfosis Ekosistem Indonesia, MEI) and Patrick Walujo (via Wealth Track Technology Limited) at the end of 2019. Together, both acquired 51 percent of Bank Jago's shares, and turned this small bank into a digital bank (which was when it changed its name from Bank Artos Indonesia to Bank Jago).

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Fundraising in Indonesia's capital markets touched a multi-year low in the first quarter of 2016. Based on data from Bloomberg, only IDR 142.1 billion (approx. USD $10.8 million) was raised through rights issues and initial public offerings (IPOs) on the Indonesia Stock Exchange in Q1-2016, the lowest figure in the past seven years. Analysts expect fundraising in the capital markets of Indonesia to improve from the second quarter of 2016 onward due to expected accelerating economic growth and Bank Indonesia's lower interest rate environment.

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